OLSEN PALMER ADVISES EUREKA SAVINGS BANK IN ITS AGREEMENT TO ACQUIRE WENONA BANCORP INC.

Eureka Savings Bank announced the signing of a definitive merger agreement with Wenona Bancorp Inc., parent company of Wenona State Bank. Under the terms of the agreement, Eureka Savings Bank will acquire Wenona Bancorp Inc. in an all cash transaction. The merger agreement has been unanimously approved by the board of directors of both banks and is expected to close in the first quarter of 2021, which is subject to customary closing conditions including regulatory approval and approval by the shareholders of Wenona Bancorp Inc.

Olsen Palmer LLC served as exclusive financial advisor to Eureka Savings Bank.

Eureka Savings Bank President and Chief Executive Officer, John McCormick said, “We are excited about this partnership, which introduces Eureka Savings Bank to the Marshall County community and we look forward to earning the continued loyalty and business of Wenona State Bank’s customers.”

Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES FIRST BANK OF ALABAMA IN ITS AGREEMENT TO ACQUIRE SOUTHFIRST BANK

FirstBanc of Alabama, Inc., parent company of First Bank of Alabama, and SouthFirst Bancshares, Inc., parent company of SouthFirst Bank, announced the signing of a definitive agreement whereby FirstBanc will acquire 100% of the stock of SouthFirst Bank. FirstBanc will pay all-cash consideration to SouthFirst Bancshares, Inc. as the sole shareholder of SouthFirst Bank. SouthFirst Bank will be merged with and into First Bank of Alabama as part of the transaction.

Olsen Palmer LLC served as exclusive financial advisor to First Bank of Alabama and its parent company.

The transaction has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions, including the approval of SouthFirst Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals. The transaction is expected to close no later than the second quarter of 2021.

Olsen Palmer LLC is the #2 ranked overall Bank M&A advisor and the #1 ranked sell-side Bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

MANAGING DIRECTOR MICHAEL REDIKER SPEAKS AT ABA'S BANKERS 2 LEADERS SUMMER CONFERENCE

Olsen Palmer LLC is pleased to announce that Managing Director Michael Rediker was a featured speaker at the Alabama Bankers Association’s Bankers 2 Leaders Summer Conference on September 18, 2020 at the Henderson Beach Resort & Spa in Destin, FL.

Bankers 2 Leaders is a section of the Alabama Bankers Association with the primary responsibility of developing career enhancement leadership training, promoting banker community involvement and providing opportunities and tools for banker political advocacy.

Mr. Rediker discussed trends in the bank M&A marketplace, a state-specific banking update and strategies on how to approach bank M&A as a buyer or seller. Please email mrediker@olsenpalmer.com with any questions or for a copy of Mr. Rediker’s presentation materials.

OLSEN PALMER ADVISES FARMERS & MERCHANTS BANK IN ITS ACQUISITION OF CARROLL COMMUNITY BANK

Olsen Palmer is pleased to announce that Farmers and Merchants Bancshares, Inc. (OTC PINK: FMFG, “Farmers and Merchants”), parent company of Farmers and Merchants Bank, has acquired Carroll Bancorp, Inc. (OTC PINK: CROL, “Carroll"), parent company of Carroll Community Bank, in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Farmers and Merchants Bancshares, Inc.

Farmers and Merchants anticipates that the transaction will be immediately accretive to its earnings per share, before the impact of one-time transaction expenses.

The transaction, which was approved by the Boards of Directors of both companies, by Carroll’s stockholders, and by applicable bank regulatory authorities, was completed October 1, 2020.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES REYNOLDS STATE BANK IN ITS AGREEMENT TO BE ACQUIRED BY PEOPLES NATIONAL BANK OF KEWANEE

Reynolds State Bank has agreed to be acquired by Peoples National Bank of Kewanee. Financial terms of the deal were not disclosed. The agreement is contingent upon the approval of bank regulatory agencies and will likely close in the first quarter of 2021.

Olsen Palmer LLC served as financial advisor to Reynolds State Bank.

Peoples National Bank of Kewanee, which is a unit of the Peoples Financial Corp. of Illinois Inc., will increase its total assets by about $100 million, resulting in approximately $500 million in total assets after the acquisition is complete.

Reynolds State Bank President Norman Wait said “Peoples National Bank of Kewanee has positioned itself much like Reynolds State Bank, being committed to a strong and safe Community Bank with an excellent reputation in the communities they serve.”

Olsen Palmer LLC is a top 2-ranked bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)